ACTIVE

Indecobat

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Financial year 2025 · closed on 31/12/2025

Net result

325,2 k €

-27.7% YoY

Revenue

2,1 M €

-3.3% YoY

Equity

316,1 k €

+0.1% YoY

Workforce

27,5 ETP

-6.1% YoY

What does Indecobat do?

Indecobat is a Public limited company incorporated in 1975. Its main activity is: Painting and glazing. Its registered office is in Liège. It employs on average 27,5 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0415.927.585

Incorporation

22/12/1975

Legal form

Public limited company

Registered office

Quai de Rome 89 box 4A
4000 Liège · WallonieSee on map

Contributed capital

106 594,22 €

Latest accounts

31/12/2025

Average workforce

27,5 ETP

Activities (NACE)

43341Painting and glazing· main 43341Painting and glazing 45441Sale, maintenance and repair of motorcycles and related parts and accessories 43320Joinery installation 43320Joinery installation 45421Sale, maintenance and repair of motorcycles and related parts and accessories

Joint committees (3)

Contacts

1 public detail availableLog in to view

Signals

ProfitableLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	2,1 M €	-3.3%	2,2 M €	+10.7%	2 M €	-12.1%	2,3 M €	+10.3%	2,1 M €	-9.5%	2,3 M €	-15.6%	2,7 M €	+39.0%	1,9 M €	+17.2%	1,7 M €	-26.4%	2,3 M €	+31.9%	1,7 M €	-16.1%	2 M €	+7.3%	1,9 M €	+21.5%	1,6 M €	-6.2%	1,7 M €	+2.0%	1,6 M €	-30.5%	2,4 M €	+35.6%	1,7 M €	-8.8%	1,9 M €	+14.7%	1,7 M €
EBITDA	434,1 k €	-27.3%	596,8 k €	+78.7%	334 k €	-59.0%	814,9 k €	+5.8%	770,2 k €	-18.5%	945,2 k €	-21.4%	1,2 M €	+381%	249,9 k €	+10.5%	226,2 k €	-60.5%	572,6 k €	+112%	270,3 k €	-43.3%	476,9 k €	+5.2%	453,2 k €	+64.4%	275,7 k €	-27.3%	379,5 k €	+30.7%	290,4 k €	-40.7%	490,1 k €	+49.0%	329 k €	+29.8%	253,4 k €	+89.5%	133,8 k €
Operating result	430 k €	-27.5%	593,3 k €	+77.9%	333,4 k €	-58.7%	807,7 k €	+5.5%	765,7 k €	-20.7%	964,9 k €	-17.4%	1,2 M €	+389%	238,8 k €	+10.4%	216,3 k €	-61.8%	566,6 k €	+98.2%	285,8 k €	-36.7%	451,9 k €	+2.0%	443,2 k €	+68.0%	263,8 k €	-28.0%	366,2 k €	+33.0%	275,3 k €	-42.6%	480 k €	+52.2%	315,3 k €	+32.4%	238,1 k €	+121%	107,6 k €
Net result	325,2 k €	-27.7%	449,7 k €	+83.3%	245,4 k €	-59.2%	601,6 k €	+5.5%	570,2 k €	-20.9%	720,8 k €	-10.8%	807,7 k €	+381%	168 k €	+17.2%	143,4 k €	-61.6%	373,7 k €	+94.8%	191,8 k €	-36.1%	300,4 k €	+1.9%	294,7 k €	+69.8%	173,5 k €	-28.1%	241,4 k €	+51.5%	159,4 k €	-50.5%	322,1 k €	+45.7%	221 k €	+34.2%	164,7 k €	+157%	64,2 k €
Balance sheet
Equity	316,1 k €	+0.1%	315,9 k €	+0.7%	313,7 k €	+0.1%	313,3 k €	+0.5%	311,7 k €	+0.5%	310,2 k €	+0.7%	308,2 k €	-0.3%	309,2 k €	+0.2%	308,7 k €	-0.1%	309 k €	-0.0%	309 k €	+0.2%	308,4 k €	+0.1%	308 k €	-0.1%	308,3 k €	-0.1%	308,5 k €	+0.1%	308,3 k €	-0.6%	310,2 k €	+0.7%	308,1 k €	-2.5%	315,9 k €	+109%	151,2 k €
Total assets	1,4 M €	+11.2%	1,3 M €	+11.5%	1,2 M €	-19.9%	1,4 M €	+2.7%	1,4 M €	-31.1%	2 M €	+12.4%	1,8 M €	+66.5%	1,1 M €	+2.2%	1,1 M €	-22.1%	1,4 M €	+5.2%	1,3 M €	-17.8%	1,6 M €	+5.0%	1,5 M €	+1.7%	1,5 M €	+16.6%	1,3 M €	+25.2%	1 M €	-15.0%	1,2 M €	-28.8%	1,7 M €	+28.4%	1,3 M €	+126%	578,6 k €
Cash	779,5 €	+55.9%	499,9 €	-99.4%	81,9 k €	-74.2%	317,2 k €	+89.3%	167,6 k €	-26.5%	228,1 k €	-60.5%	577,4 k €	-25.1%	771 k €	+29.4%	596 k €	-4.5%	623,7 k €	+5.7%	590,1 k €	-20.7%	743,8 k €	+1.4%	733,4 k €	+48.0%	495,5 k €	+1361%	33,9 k €	+16.1%	29,2 k €	-82.2%	164,5 k €	+566%	24,7 k €	+343%	5,6 k €	-82.9%	32,7 k €
Debts	946,6 k €	+17.5%	805,8 k €	+18.8%	678,1 k €	-29.9%	966,8 k €	+3.6%	933,5 k €	-40.6%	1,6 M €	+16.4%	1,4 M €	+154%	532,3 k €	+3.9%	512,4 k €	-37.0%	813,7 k €	+9.1%	745,5 k €	-27.6%	1 M €	+8.0%	954,1 k €	+2.7%	928,7 k €	+29.5%	717,1 k €	+53.0%	468,8 k €	-34.0%	710,8 k €	-39.9%	1,2 M €	+49.0%	793,8 k €	+136%	336,7 k €
Other
Workforce	27,5 ETP	-6.1%	29,3 ETP	+2.1%	28,7 ETP	+0.7%	28,5 ETP	-0.7%	28,7 ETP	+5.1%	27,3 ETP	-5.2%	28,8 ETP	-1.7%	29,3 ETP	-0.7%	29,5 ETP	-1.3%	29,9 ETP	+1.0%	29,6 ETP	-4.8%	31,1 ETP	+3.7%	30,0 ETP	+4.5%	28,7 ETP	-1.0%	29,0 ETP	-0.3%	29,1 ETP	+0.3%	29,0 ETP	-1.0%	29,3 ETP	-1.0%	29,6 ETP	+1.4%	29,2 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 18 ended

Active mandates

Anne-Marie RINALDI

Managing director · since 30 juin 2023 · until 16 juin 2029

Active

Ended mandates

Antoine RINALDI

Director · since 04 septembre 2021 · until 29 juin 2023

Ended

Antoine RINALDI

Director · since 04 septembre 2021 · until 29 mai 2027

Ended

Sarah RINALDI

Director · since 04 septembre 2021 · until 29 juin 2023

Ended

Sarah RINALDI

Director · since 04 septembre 2021 · until 29 mai 2027

Ended

At this address

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Domaine de Bougalou● Active	0434.653.238
L'ANTICORROSION● Active	0438.216.207
SOFINTRA● Liquidation	0449.856.108

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	10/07/2026	11/07/2025	12/07/2024	07/07/2023	05/07/2022	21/09/2021
General meeting	09/07/2026	10/07/2025	11/07/2024	30/06/2023	25/06/2022	20/09/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	09/07/2026	10/07/2026	French	PDF
Full model	31/12/2024	10/07/2025	11/07/2025	French	PDF
Full model	31/12/2023	11/07/2024	12/07/2024	French	PDF
Full model	31/12/2022	30/06/2023	07/07/2023	French	PDF
Full model	31/12/2021	25/06/2022	05/07/2022	French	PDF
Full model	31/12/2020	20/09/2021	21/09/2021	French	PDF
Full model	31/12/2019	11/09/2020	22/09/2020	French	PDF
Full model	31/12/2018	30/06/2019	02/07/2019	French	PDF
Full model	31/12/2017	30/06/2018	04/07/2018	French	PDF
Full model	31/12/2016	27/05/2017	31/08/2017	French	PDF
Full model	31/12/2015	28/05/2016	07/07/2016	French	PDF
Full model	31/12/2014	30/05/2015	09/07/2015	French	PDF
Full model	31/12/2013	15/09/2014	29/09/2014	French	PDF
Full modelCorrection	31/12/2012	25/05/2013	18/09/2013	French	PDF
Full model	31/12/2012	25/05/2013	04/07/2013	French	PDF
Full model	31/12/2011	26/05/2012	04/07/2012	French	PDF
Full model	31/12/2010	28/05/2011	08/07/2011	French	PDF
Full model	31/12/2009	29/05/2010	08/07/2010	French	PDF
Full model	31/12/2008	30/05/2009	08/07/2009	French	PDF
Full model	31/12/2007	31/05/2008	08/08/2008	French	PDF
Full model	31/12/2006	26/05/2007	05/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 18 ended

Active mandates

Anne-Marie RINALDI

Managing director · since 30 juin 2023 · until 16 juin 2029

Active

Ended mandates

Antoine RINALDI

Director · since 04 septembre 2021 · until 29 juin 2023

Ended

Antoine RINALDI

Director · since 04 septembre 2021 · until 29 mai 2027

Ended

Sarah RINALDI

Director · since 04 septembre 2021 · until 29 juin 2023

Ended

Sarah RINALDI

Director · since 04 septembre 2021 · until 29 mai 2027

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates21/10/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates04/07/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - OBJET - DEMISSIONS, NOMINATIONS - ASSEMBLEE GENERALE
PDF
Mandates09/11/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates25/10/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates14/12/2020
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Mandates31/10/2018
DEMISSIONS, NOMINATIONS
PDF
Mandates20/02/2018
DEMISSIONS, NOMINATIONS
PDF
Registered office14/01/2015
SIEGE SOCIAL
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025325,2 k €↓
2024
Annual accounts 2024449,7 k €↑
2023
Annual accounts 2023245,4 k €↓
2022
Annual accounts 2022601,6 k €↑
2021
Annual accounts 2021570,2 k €↓
2020
Annual accounts 2020720,8 k €↓
2019
Annual accounts 2019807,7 k €↑
2018
Annual accounts 2018168 k €↑
2017
Annual accounts 2017143,4 k €↓
2016
Annual accounts 2016373,7 k €↑
2015
Annual accounts 2015191,8 k €↓
2014
Annual accounts 2014300,4 k €↑
2013
Annual accounts 2013294,7 k €↑
2012
Annual accounts 2012173,5 k €↓
2011
Annual accounts 2011241,4 k €↑
2010
Annual accounts 2010159,4 k €↓
2009
Annual accounts 2009322,1 k €↑
2008
Annual accounts 2008221 k €↑
2007
Annual accounts 2007164,7 k €↑
2006
Annual accounts 200664,2 k €
22/12/1975
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

Indecobat

Overview

What does Indecobat do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline